{"id":822295,"date":"2026-08-04T10:47:59","date_gmt":"2026-08-04T02:47:59","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=822295"},"modified":"2026-08-04T10:47:59","modified_gmt":"2026-08-04T02:47:59","slug":"62%e5%b2%81%e7%9a%84%e6%b8%a9%e5%b7%9e%e5%95%86%e4%ba%ba%ef%bc%8c%e7%94%a820%e5%b9%b4%e5%9c%a8%e5%b9%bf%e8%a5%bf%e5%b0%8f%e5%8e%bf%e5%9f%8e%e5%85%bb%e5%87%ba%e6%b0%b4%e7%89%9b%e5%a5%b6","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=822295","title":{"rendered":"62\u5c81\u7684\u6e29\u5dde\u5546\u4eba\uff0c\u752820\u5e74\u5728\u5e7f\u897f\u5c0f\u53bf\u57ce\u517b\u51fa\u201c\u6c34\u725b\u5976\u4e4b\u738b\u201d"},"content":{"rendered":"<blockquote>\n<p>\u6587 | \u84dd\u9ca8\u6d88\u8d39\uff0c\u4f5c\u8005| \u6768\u7855\uff0c\u7f16\u8f91| \u5362\u65ed\u6210<\/p>\n<\/blockquote>\n<p>\u524d\u4e0d\u4e45\uff087\u670822\u65e5\uff09\uff0c\u5e7f\u897f\u767e\u83f2\u4e73\u4e1a\u80a1\u4efd\u6709\u9650\u516c\u53f8\u5411<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b8%af%e4%ba%a4%e6%89%80\" title=\"View all posts in \u6e2f\u4ea4\u6240\" target=\"_blank\" class=\"tag_link\">\u6e2f\u4ea4\u6240<\/a>\u9012\u4ea4\u4e3b\u677f<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%8a%e5%b8%82\" title=\"View all posts in \u4e0a\u5e02\" target=\"_blank\" class=\"tag_link\">\u4e0a\u5e02<\/a>\u7533\u8bf7\uff0c\u5e7f\u53d1<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%9e%8d%e8%b5%84\" title=\"View all posts in \u878d\u8d44\" target=\"_blank\" class=\"tag_link\">\u878d\u8d44<\/a>\uff08\u9999\u6e2f\uff09\u62c5\u4efb\u72ec\u5bb6\u4fdd\u8350\u4eba\u3002\u8fd9\u662f\u7ee72023\u5e74\u51b2\u523a\u4e0a\u4ea4\u6240\u4e3b\u677f\u30012024\u5e74\u8f6c\u9053\u5317\u4ea4\u6240\u53c8\u64a4\u56de\u30012025\u5e74\u518d\u62a5\u4e0a\u4ea4\u6240\u540e\uff0c\u767e\u83f2\u4e73\u4e1a\u7b2c\u56db\u6b21\u53e9\u51fb\u8d44\u672c\u5e02\u573a\u7684\u5927\u95e8\u3002<\/p>\n<p><img src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/3f10ba5e8d126b9073522247c960cce1_1785811954.jpg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x914\/gravity\/center\/crop\/!1440x914&ext=.jpg\" alt=\"62\u5c81\u7684\u6e29\u5dde\u5546\u4eba\uff0c\u752820\u5e74\u5728\u5e7f\u897f\u5c0f\u53bf\u57ce\u517b\u51fa\u201c\u6c34\u725b\u5976\u4e4b\u738b\u201d\" style=\"display:block; margin-left:auto; margin-right:auto\" 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href=\"https:\/\/www.alphaseek.cn\/?tag=%e4%b8%8a%e5%b8%82%e5%85%ac%e5%8f%b8\" title=\"View all posts in \u4e0a\u5e02\u516c\u53f8\" target=\"_blank\" class=\"tag_link\">\u4e0a\u5e02\u516c\u53f8<\/a>\u4ec5\u6709\u7687\u6c0f\u96c6\u56e2\uff0c\u4e14\u8be5\u96c6\u56e2\u6c34\u725b\u4e73\u6536\u5165\u5360\u6bd4\u5df2\u8f83\u4f4e\uff0c\u767e\u83f2\u4e73\u4e1a\u6db2\u6001\u6c34\u725b\u4e73\u5e02\u5360\u7387\u5219\u9ad8\u8fbe31.0%\u3002\u82e5\u80fd\u6210\u529f\u4e0a\u5e02\uff0c\u767e\u83f2\u4e73\u4e1a\u5c06\u4f1a\u6210\u4e3a&ldquo;\u6c34\u725b\u4e73\u7b2c\u4e00\u80a1&rdquo;\u3002<\/p>\n<p>\u4ece\u5e7f\u897f\u5c0f\u53bf\u57ce\u8d70\u5411\u6e2f\u4ea4\u6240<a href=\"https:\/\/www.alphaseek.cn\/?tag=ipo\" title=\"View all posts in IPO\" target=\"_blank\" class=\"tag_link\">IPO<\/a>\uff0c\u767e\u83f2\u4e73\u4e1a\u7a76\u7adf\u85cf\u7740\u600e\u6837\u7684\u6545\u4e8b\uff1f<\/p>\n<h2><strong>\u4e00\u4e2a\u6e29\u5dde\u5546\u4eba\u7684\u6c34\u725b\u5976\u5e1d\u56fd<\/strong><\/h2>\n<p>\u767e\u83f2\u4e73\u4e1a\u7684\u6545\u4e8b\uff0c\u8981\u4ece\u4e00\u4e2a\u6e29\u5dde\u5546\u4eba\u8bf4\u8d77\u3002<\/p>\n<p>\u521b\u59cb\u4eba\u5434\u5b88\u5141\uff0c1964\u5e746\u6708\u51fa\u751f\uff0c\u6d59\u6c5f\u6e29\u5dde\u82cd\u5357\u4eba\u30021986\u5e74\uff0c22\u5c81\u7684\u4ed6\u8fdb\u5165\u5e73\u9633\u53bf\u7b2c\u56db\u4e95\u5df7\u5de5\u7a0b\u516c\u53f8\u505a\u804c\u5458\u3002\u6b64\u540e\u5341\u5e74\u95f4\uff0c\u4ed6\u7684\u804c\u4e1a\u8f68\u8ff9\u4e0e\u4e73\u5236\u54c1\u884c\u4e1a\u6beb\u65e0\u4ea4\u96c6&mdash;&mdash;24\u5c81\u5f53\u4e0a\u82cd\u5357\u53bf\u6cb3\u53e3\u7eb8\u677f\u5382\u5382\u957f\uff0c\u540e\u6765\u53c8\u62c5\u4efb\u82cd\u5357\u53bf\u534e\u6d0b\u670d\u88c5\u5382\u5382\u957f\u3002\u4ece\u7eb8\u677f\u5230\u670d\u88c5\uff0c\u5434\u5b88\u5141\u7684\u524d\u534a\u751f\u4e0e&ldquo;\u725b&rdquo;\u5b57\u6cbe\u4e0d\u4e0a\u8fb9\u3002<\/p>\n<p>\u8f6c\u673a\u51fa\u73b0\u57281999\u5e74\u3002\u90a3\u4e00\u5e74\uff0c\u5434\u5b88\u5141\u4f5c\u4e3a\u6e29\u5dde\u62a5\u559c\u9e1f\u96c6\u56e2\u7684\u9500\u552e\u4ee3\u7406\u6765\u5230\u5e7f\u897f\u62d3\u5c55\u5e02\u573a\u3002\u5728\u5e7f\u897f\u7684\u51e0\u5e74\u91cc\uff0c\u8fd9\u4f4d\u5546\u4e1a\u55c5\u89c9\u654f\u9510\u7684\u6e29\u5dde\u5546\u4eba\u6ce8\u610f\u5230\u4e86\u5f53\u5730\u4e00\u4e2a\u5c1a\u672a\u88ab\u5145\u5206\u5f00\u53d1\u7684\u4ea7\u4e1a&mdash;&mdash;\u6c34\u725b\u5976\u3002<\/p>\n<p>\u5e7f\u897f\u7075\u5c71\u53bf\u7d20\u6709&ldquo;\u4e2d\u56fd\u5976\u6c34\u725b\u4e4b\u4e61&rdquo;\u7684\u7f8e\u8a89\u3002\u8fd9\u91cc\u6c14\u5019\u6e29\u6da6\u3001\u6c34\u8349\u4e30\u8302\uff0c\u975e\u5e38\u9002\u5408\u5976\u6c34\u725b\u517b\u6b96\uff0c\u4f46\u957f\u671f\u4ee5\u6765\u7f3a\u4e4f\u6709\u89c4\u6a21\u7684\u4f01\u4e1a\u5c06\u8fd9\u4e00<a 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class=\"tag_link\">\u521b\u4e1a<\/a>\u521d\u671f\u5e76\u4e0d\u8f7b\u677e\u3002\u5434\u5b88\u5141\u65a5\u8d443000\u4e07\u5143\u6253\u9020\u4e86\u5e7f\u897f\u7b2c\u4e00\u6761\u6db2\u6001\u6c34\u725b\u5976\u751f\u4ea7\u7ebf\uff0c\u6b64\u540e\u6574\u657414\u5e74\uff0c\u751f\u4ea7\u7ebf\u624d\u9010\u6b65\u6269\u5c55\u52304\u6761\uff0c\u5f53\u65f6\u516c\u53f8\u8425\u6536\u4e5f\u4e0d\u8fc74000\u4e07\u5143\u5de6\u53f3\u3002\u5728\u56fd\u5185\u5916\u4e73\u4e1a\u5de8\u5934\u51e0\u4e4e\u5784\u65ad\u5e02\u573a\u7684\u683c\u5c40\u4e0b\uff0c\u4e00\u5bb6\u4ece\u5e7f\u897f\u5c0f\u53bf\u57ce\u8d77\u6b65\u7684\u6c34\u725b\u5976\u4f01\u4e1a\u60f3\u8981\u7a81\u56f4\uff0c\u96be\u5ea6\u53ef\u60f3\u800c\u77e5\u3002<\/p>\n<p>\u4f46\u5434\u5b88\u5141\u9009\u62e9\u4e86\u4e00\u6761\u5dee\u5f02\u5316\u7684\u8def\u5f84&mdash;&mdash;\u6df1\u8015\u6c34\u725b\u5976\u8fd9\u4e2a\u7ec6\u5206\u8d5b\u9053\u3002\u6c34\u725b\u5976\u56e0\u4ea7\u91cf\u4f4e\u3001\u8425\u517b\u4ef7\u503c\u9ad8\uff0c\u7ec8\u7aef\u552e\u4ef7\u662f\u666e\u901a\u725b\u5976\u76842\u52303\u500d\uff0c\u5177\u6709\u5929\u7136\u7684\u9ad8\u7aef\u5316\u57fa\u56e0\u3002\u4ed6\u8fd8\u5728\u5f53\u5730\u63a8\u884c&ldquo;\u516c\u53f8+\u57fa\u5730+\u519c\u6237&rdquo;\u7684\u4ea7\u4e1a\u5316\u7ecf\u8425\u6a21\u5f0f\uff0c\u901a\u8fc7\u9c9c\u5976\u8ba2\u5355<a 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src=\"https:\/\/images.tmtpost.com\/uploads\/images\/2026\/08\/d321b576e351eaff2e838c8409e6f617_1785811954.jpg?imageMogr2\/auto-orient\/strip\/interlace\/1\/quality\/85\/thumbnail\/1440x1080&ext=.jpg\" alt=\"62\u5c81\u7684\u6e29\u5dde\u5546\u4eba\uff0c\u752820\u5e74\u5728\u5e7f\u897f\u5c0f\u53bf\u57ce\u517b\u51fa\u201c\u6c34\u725b\u5976\u4e4b\u738b\u201d\" style=\"display:block; margin-left:auto; margin-right:auto\" \/><\/p>\n<p><span><span>\uff08\u6765\u6e90\uff1a\u767e\u83f2\u4e73\u4e1a\uff09<\/span><\/span><\/p>\n<p>\u8fd9\u79cd&ldquo;\u9ad8\u4e2d\u4f4e&rdquo;\u642d\u914d\u7684\u54c1\u724c\u77e9\u9635\uff0c\u8ba9\u767e\u83f2\u4e73\u4e1a\u5728\u4e0d\u540c\u4ef7\u683c\u5e26\u3001\u4e0d\u540c\u6d88\u8d39\u573a\u666f\u4e2d\u5747\u6709\u5e03\u5c40\uff0c\u65e2\u5b88\u4f4f\u4e86\u9ad8\u7aef\u6ea2\u4ef7\u7a7a\u95f4\uff0c\u4e5f\u786e\u4fdd\u4e86\u5e02\u573a\u89c4\u6a21\u7684\u57fa\u672c\u76d8\u3002<\/p>\n<p>\u5728\u6e20\u9053\u7aef\uff0c\u767e\u83f2\u4e73\u4e1a\u5df2\u6784\u5efa\u8d77\u8986\u76d6\u5168\u56fd\u7684\u7acb\u4f53\u5316\u9500\u552e\u4f53\u7cfb\u3002\u622a\u81f3\u62db\u80a1\u4e66\u6700\u540e\u5b9e\u9645\u53ef\u884c\u65e5\u671f\uff0c\u767e\u83f2\u4e73\u4e1a\u62e5\u6709\u903e1100\u5bb6\u7ecf\u9500\u5546\uff0c\u8986\u76d6\u8fd130\u4e2a\u7701\u7ea7\u884c\u653f\u533a\uff0c\u96f6\u552e\u7ec8\u7aef\u8d856\u4e07\u4e2a\u3002\u8fd9\u4e00\u5e9e\u5927\u7684\u7ebf\u4e0b\u7f51\u7edc\uff0c\u786e\u4fdd\u4e86\u767e\u83f2\u4e73\u4e1a\u7684\u4ea7\u54c1\u80fd\u591f\u89e6\u8fbe\u4ece\u4e00\u7ebf\u57ce\u5e02\u5230\u53bf\u57df\u5e02\u573a\u7684\u5e7f\u6cdb\u6d88\u8d39\u8005\u3002<\/p>\n<p>\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\u6e20\u9053\u7ed3\u6784\u7684\u6301\u7eed\u4f18\u5316\u30022023\u5e74\u81f32025\u5e74\uff0c\u767e\u83f2\u4e73\u4e1a\u6765\u81ea\u7ebf\u4e0b\u7ecf\u9500\u5546\u7684\u6536\u5165\u5360\u6bd4\u4ece66.3%\u964d\u81f348.2%\uff0c\u800cDTC\uff08\u76f4\u63a5\u9762\u5411\u6d88\u8d39\u8005\uff09\u6e20\u9053\u5360\u6bd4\u4ece19.5%\u5347\u81f323.2%\u3002\u52302026\u5e74\u4e00\u5b63\u5ea6\uff0c\u7ebf\u4e0a\u76f4\u9500\u6536\u5165\u5360\u6bd4\u5df2\u4ece2023\u5e74\u768419.5%\u63d0\u5347\u81f328.5%\uff0c\u6570\u5b57\u5316\u8f6c\u578b\u6210\u6548\u663e\u8457\u3002<\/p>\n<p>\u57fa\u4e8e\u6e20\u9053\u4f18\u5316\u7684\u4e3e\u63aa\uff0c\u5c24\u5176\u662f\u6293\u4f4f\u76f4\u64ad\u7535\u5546\u548c\u96f6\u98df\u91cf\u8d29\uff08\u9e23\u9e23\u5f88\u5fd9\u4e3a\u7b2c\u4e00\u5927\u5ba2\u6237\uff0c\u8d21\u732e1.69\u4ebf\u5143\u6536\u5165\uff0c\u5360\u603b\u6536\u5165\u768410.5%\uff09\u7684\u7ea2\u5229\uff0c\u767e\u83f2\u4e73\u4e1a\u80fd\u591f\u5feb\u901f\u89e6\u8fbe\u5e7f\u897f\u4ee5\u5916\u7684\u6d88\u8d39\u8005\uff0c\u5b9e\u73b0\u4e86\u4ece\u533a\u57df\u54c1\u724c\u5230\u5168\u56fd\u54c1\u724c\u7684\u8de8\u8d8a\u3002<\/p>\n<p>\u767e\u83f2\u4e73\u4e1a\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u7ecf\u8425\u7279\u5f81\uff0c\u662f\u5728\u4ea7\u4e1a\u7aef\u7684&ldquo;\u8f7b\u8d44\u4ea7&rdquo;\u6a21\u5f0f\u3002\u62db\u80a1\u4e66\u6570\u636e\u663e\u793a\uff0c2022\u5e74\u52302024\u5e74\uff0c\u516c\u53f8\u5916\u8d2d\u751f\u9c9c\u4e73\u5360\u6bd4\u5206\u522b\u4e3a100%\u300196.34%\u300194.95%\uff0c\u81ea\u4ea7\u5360\u6bd4\u4ec5\u4e3a0%\u30013.66%\u30015.05%\u30022025\u5e74\uff0c\u81ea\u8425\u7267\u573a\u751f\u9c9c\u4e73\u5360\u6bd4\u63d0\u5347\u81f321%\uff0c\u4f46\u81ea\u6709\u6c34\u725b\u539f\u5976\u5360\u6bd4\u4ec5\u4e3a3.7%\u3002<\/p>\n<p>\u622a\u81f32026\u5e743\u670831\u65e5\uff0c\u767e\u83f2\u4e73\u4e1a\u725b\u7fa4\u603b\u5b58\u680f7965\u5934\uff0c\u5176\u4e2d\u6c34\u725b\u4ec51547\u5934\uff0c\u8377\u65af\u5766\u5976\u725b6418\u5934\u3002\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0c\u767e\u83f2\u4e73\u4e1a\u6c34\u725b\u7fa4\u6570\u91cf\u8fd8\u5728\u7f29\u51cf&mdash;&mdash;\u4ece2025\u5e74\u5e95\u76841659\u5934\u51cf\u5c11\u52302026\u5e743\u6708\u5e95\u76841547\u5934\u3002<\/p>\n<p>\u8fd9\u79cd&ldquo;\u8f7b\u8d44\u4ea7&rdquo;\u7684\u5976\u6e90\u6a21\u5f0f\uff0c\u8ba9\u767e\u83f2\u4e73\u4e1a\u5728\u6269\u5f20\u671f\u907f\u514d\u4e86\u91cd\u8d44\u4ea7\u6295\u5165\u7684\u538b\u529b\uff0c\u5f97\u4ee5\u98de\u901f\u589e\u957f\u3002<\/p>\n<h2><strong>\u5149\u73af\u4e4b\u4e0b\u7684\u9690\u5fe7<\/strong><\/h2>\n<p>\u7528\u4e8620\u5e74\u65f6\u95f4\uff0c\u767e\u83f2\u4e73\u4e1a\u5b8c\u6210\u4e86\u4ece\u533a\u57df\u54c1\u724c\u5230\u5168\u56fd\u9f99\u5934\u7684\u8de8\u8d8a\uff0c\u6db2\u6001\u6c34\u725b\u4e73\u5e02\u5360\u738731.0%\uff0c\u767e\u83f2\u916a\u54c1\u724c\u8ba4\u77e5\u5ea6\u884c\u4e1a\u7b2c\u4e00\u3002\u4f46\u5728&ldquo;\u7ec6\u5206\u884c\u4e1a\u7b2c\u4e00&rdquo;\u7684\u80cc\u540e\uff0c\u4e5f\u8574\u85cf\u7740\u51e0\u91cd\u9690\u5fe7\uff1a<\/p>\n<p>2023\u5e74\u81f32025\u5e74\uff0c\u767e\u83f2\u4e73\u4e1a\u8425\u6536\u4ece10.72\u4ebf\u5143\u589e\u81f316.14\u4ebf\u5143\uff0c\u590d\u5408\u5e74\u589e\u957f\u7387\u4e3a22.7%\u3002\u4f46\u51c0\u5229\u6da6\u5374\u8d70\u51fa\u4e86\u5b8c\u5168\u76f8\u53cd\u7684\u66f2\u7ebf&mdash;&mdash;2023\u5e742.33\u4ebf\u5143\uff0c2024\u5e74\u8fbe\u52303.10\u4ebf\u5143\u7684\u9ad8\u70b9\uff0c2025\u5e74\u9aa4\u964d\u81f32.35\u4ebf\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed124.4%\uff1b\u51c0\u5229\u7387\u4e5f\u4ece2024\u5e74\u768421.8%\u964d\u81f32025\u5e74\u768414.6%\uff0c2026\u5e74\u4e00\u5b63\u5ea6\u8fdb\u4e00\u6b65\u6ed1\u81f311.6%\u3002<\/p>\n<p>\u5373\u4fbf\u5254\u96642025\u5e74\u751f\u7269\u8d44\u4ea7\u516c\u5141\u4ef7\u503c\u53d8\u52a8\u5f62\u6210\u76841.11\u4ebf\u5143\u4e00\u6b21\u6027\u635f\u5931\uff0c\u7ecf\u8c03\u6574\u5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class=\"tag_link\">\u521b\u65b0<\/a>\u80fd\u529b\u7684\u786c\u6027\u8981\u6c42\uff0c\u90fd\u4e0e\u767e\u83f2\u4e73\u4e1a&ldquo;\u91cd\u8425\u9500\u3001\u8f7b\u7814\u53d1\u3001\u5976\u6e90\u9760\u5916\u91c7&rdquo;\u7684\u73b0\u5b9e\u5b58\u5728\u5dee\u8ddd\u3002<\/p>\n<p>\u8f6c\u6218\u6e2f\u80a1\uff0c\u662f\u767e\u83f2\u4e73\u4e1a\u91cd\u6784\u53d9\u4e8b\u7684\u5f00\u59cb\uff0c\u4e14\u6e2f\u4ea4\u6240\u5bf9&ldquo;\u7ec6\u5206\u8d5b\u9053\u9f99\u5934+\u5df2\u76c8\u5229+\u6d88\u8d39\u54c1\u724c&rdquo;\u7684\u63a5\u53d7\u5ea6\u66f4\u9ad8\uff0c\u6c34\u725b\u4e73\u8fd9\u79cd\u6709\u5dee\u5f02\u5316\u6545\u4e8b\u7684\u7279\u8272\u4e73\u4f01\uff0c\u5728\u6e2f\u80a1\u6d88\u8d39\u677f\u5757\u6216\u8bb8\u80fd\u62ff\u5230\u6bd4A\u80a1\u66f4\u9ad8\u7684\u4f30\u503c\u3002<\/p>\n<p>\u4f46\u5373\u4fbf\u6210\u529f\u4e0a\u5e02\uff0c\u767e\u83f2\u4e73\u4e1a\u4e5f\u4f9d\u7136\u907f\u514d\u4e0d\u4e86\u88ab\u6295\u8d44\u8005\u8ffd\u95ee\uff1a\u5f53\u6c34\u725b\u4e73\u7684&ldquo;\u8425\u9500\u6545\u4e8b&rdquo;\u8bb2\u5b8c\uff0c\u767e\u83f2\u4e73\u4e1a\u9760\u4ec0\u4e48\u6784\u5efa\u771f\u6b63\u7684\u7ade\u4e89\u58c1\u5792\uff1f\u5f53\u6c34\u725b\u4e73\u8d5b\u9053\u4ece&ldquo;\u84dd\u6d77&rdquo;\u53d8\u6210&ldquo;\u7ea2\u6d77&rdquo;\uff0c\u767e\u83f2\u916a30.1%\u7684\u5e02\u573a\u4efd\u989d\u8fd8\u80fd\u5b88\u591a\u4e45\uff1f<\/p>\n<p>(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6587 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